Exchange Synthetix (SNX) at the Best Rates

Synthetix Crypto: Decentralized Asset Insurance Protocol

One of the top-100 crypto projects on the market is Synthetix. Synthetix is an Ethereum-based protocol for issuing and trading synthetic assets, including cryptocurrencies, leveraged tokens, equities, and other real-world assets. Let’s take a closer look at SNX crypto and the project’s characteristics.

Synthetix (SNX) Coin Overview

The platform was initially launched by Kain Warwick in 2017. Synthetix, previously known as Havven, held its first ICO in February 2018 for its ERC20 token, HAV. At the time, one HAV was worth $0.67. At inception, the company's purpose was to create a decentralized payment system that employed dual tokens to issue stable coins with HAV as collateral. Holders of HAV tokens got a share of the fee produced by all stable coin transactions as an incentive for maintaining stability. By November of 2018, the company rebranded and became Synthetix, while HAV became known as SNX or Synthetix coin.

Synthetix is a system for creating and exchanging synthetic assets on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX), which, when locked in a staking contract, allows for the issuance of synthetic assets. Each synthetic asset (or synth) is an ERC-20 token that records the price of another asset; for instance, each sUSD token tracks the value of the US dollar. A wide range of Synths can be issued, including fiat currencies, cryptocurrencies, commodities, and inverse indexes. When the platform launched in 2017 it was governed by the Synthetix Foundation, an Australian non-profit foundation. By 2020, the ecosystem is now governed by three decentralized autonomous organizations, including ProtocolDAO, GrantsDAO and SynthetixDAO.

In principle, the system can support any asset having a consensus price obtainable through an external oracle, giving users on-chain access to an infinite number of real-world assets. Synthetix consists of a smart contract infrastructure and a system of incentives that keep Synth pricing stable. It is based on the value of the SNX coin. SNX coin serves as collateral, and minting Synths requires staking a comparable amount of SNX. Stakers receive a pro-rata share of the fees produced by system activity as a reward for their help. The value of SNX is thus directly related to the use of network activities.

This method enables Synthetix to provide rapid, near-frictionless conversion between different types of Synths while avoiding the liquidity and slippage difficulties encountered by other decentralized exchanges. SNX stakeholders function as a pooled counterparty to all Synth exchanges, bearing the risk of the system's aggregate debt. They have the option of mitigating this risk by taking positions outside the system. In exchange, SNX stakeholders receive a portion of the system's fees.

Synthetix Features

As a project, Synthetix has a number of features:

1. Design. Synthetix protocol is designed in such a way that users do not suffer from the illiquidity and slippage issues of typical exchanges. It relies on a decentralized network of oracles to bring real-time off-chain asset prices to the platform’s smart contracts.
2. Futures exchange. Synthetix’s perpetual futures exchange allows users to trade and gain exposure to non-blockchain assets at low fees without the need to hold them physically.
3. Stability. The protocol’s stability is ensured by incentivizing SNX stakers to maintain a healthy collateralization ratio (C-Ratio). If this ratio falls below the target, stakers are at risk of being liquidated with a penalty and will be unable to claim their rewards until they restore the ratio.
4. Peer-to-contract trading. When a synth exchange occurs, the first synth, for instance, sUSD, is burned or destroyed. The synth being exchanged, sBTC, is then determined using a price feed from an Oracle. The Synthetix platform would then generate an appropriate amount of sBTC for the user. The Synthetix team claims that one advantage of this approach is that it does not require a huge number of orders or a central exchange to convert between currencies. Users can trade whenever they choose, at the given price, without waiting to be matched. 

What Is Synthetix Network Token (SNX)?

The Synthetix Network Token (SNX) is a native ERC-20 token for the Synthetix ecosystem. The tokens are used as collateral for minting synthetic assets on the platform, which means they are tied up in smart contracts and can also be staked. When funds are deposited into the staking pool, holders gain rewards based on transaction fees paid on the Synthetix Exchange. Because SNX is a cryptocurrency, its valuation is established by the open market. As a result, the number of synths in circulation may fluctuate as the price of SNX rises or falls. For instance, if the price of SNX rises, the system will release SNX tokens that are no longer needed to guarantee previously built synths. These SNX tokens can be relocked on the platform to enable the creation of new synths. This means that when SNX prices rise, so does the number of synths that can be developed.

What Is the Max Supply of SNX Tokens?

The max supply of SNX tokens is 328.19 million tokens.

How Much Will Synthetix Cost in 2030?

Many investors and crypto analysts believe that Synthetix is going to rise in price as time goes by. For instance,CryptoNewsz experts think that Synthetix price is expected to be around the $25 mark, whileDigitalCoinPrice expects it to rise a bit higher, to $27.20 at its peak.

How Much Is Synthetix Network Today?

At the moment, SNX coin price is $1.97. 

How High Will Synthetix Price Go?

Synthetix has all chances to skyrocket. Many experts believe that by 2033, it’ll cost around $70. A number of experts have the most optimistic price predictions for the crypto coin Synthetix (SNX), anticipating a high of $19 by the end of the decade. 

Is Synthetix Token a Good Investment?

With Synthetixdeveloping, it can be seen as a lucrative investment for many. Synthetix is widely recognised as a profitable investment option by professionals and traders because of its constant track record of producing significant profits. Synthetix's value has consistently increased, making it an appealing option for investors looking for a solid return on their investment. However, the volatility of the crypto market makes it difficult to form any long-term predictions, so, like all crypto assets, SNX is a risky investment.

Where Can I Buy Synthetix Coins?

StealthEX is here to help you buy SNX coin. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1500 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange — for instance, BTC to SNX. 
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.